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DTSTART;TZID=UTC:20210617T060000
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SUMMARY:Seventh Annual Arab – Cypriot ForumInvestigating the Global Decline in Correspondent Banking Relationships & Complying with AMLD6 and AMLA 2020
DESCRIPTION: \n\n\n\n\n\n\n\n\n\nBackground:\nFlows of dirty money can damage the stability and reputation of the financial sector and threaten the local markets\, and terrorism shakes the very foundations of every society. The soundness\, integrity and stability of banks and financial institutions and confidence in the financial system as a whole could be seriously jeopardized\, add to that the De-risking pattern adopted by Correspondent banks\, therefore putting countries and their banking and financial systems in an extremely delicate situation. \nOver the last decade\, global banks have been tightening operations to comply with regulations designed to curtail money-laundering and terrorism-financing. As a consequence\, global banks have been limiting correspondent banking relationships (CBRs) with local banks in emerging and developing economies – a practice referred to as “de-risking.”  \nCertain global banks have terminated relationships – or “de-risked” – certain local banks\, but they have also established new relationships with other banks in the same countries. The idea that country risk is the primary consideration doesn’t hold. Local (respondent) banks have been able to adjust by dealing with fewer correspondent banks or by establishing new relationships\, which in some instances are with second or third-tier banks\, which raises concerns about integrity that warrant authorities’ attention. \nMoreover\, new and updated AML/CFT regulations were released by both the United States of America and the European Union; On January 1\, 2021\, the US Congress passed the Anti-Money Laundering Act of 2020 (AMLA) as part of the National Defense Authorization Act for Fiscal Year 2021. Likewise\, as of December 3rd\, 2020\, the European Union’s Sixth Anti-Money Laundering Directive (AMLD6) is in effect for all member states. Regulated entities operating in the union will need to be compliant by June 3\, 2021. Like its predecessor\, this new directive is aimed to strengthen anti-money laundering (AML) rules in the union and place larger responsibility on regulated entities to fight money laundering. Specifically\, the directive aims to expand the scope of existing legislation\, clarify certain regulatory details and toughen criminal penalties. \nIn this regards\, the World Union of Arab Banks through The Seventh Annual Arab-Cypriot Forum\, is always keen to join efforts with international bodies and entities to safeguard the Arab – Cypriot Banks and financial institutions from potential threats and challenges and introduce the state of art means of combating these threats while abiding and complying with the regulatory framework and international best practices. The Arab – Cypriot Forum has been accurately structured to showcase and highlight the future prospects and opportunities by providing ample time and natural situations for networking it provides an open platform for Arab and Cypriot compliance professionals to meet\, discuss and share the knowledge and experience through conversations\, interactive panel discussions\, and presentations at a world-renowned gathering of industry professionals and thought leaders on topics. \nTopics of Discussion:\nInvestigating the Global Decline in Correspondent Banking Relationships\n\nWithdrawal of correspondent banking relationships linked to de-risking: highlighting the increasing regulation\, operational cost and market competition impact banking and international trade.\n\nActions that countries and the industry can pursue to limit de-risking\n\nGather data on CBR closures\, industries and activities affected by de-risking\nEncourage at-risk respondent banks to include de-risking in contingency planning as part of the prudential requirements and supervisory practices\nImprove communication between correspondent and respondent banks\, as a lack of awareness of country context can contribute to de-risking\nImprove regulatory oversight of MTOs’ obligations toward AML/CFT\nConsider technology as a solution to de-risking\, since FinTech could lower the cost of compliance\, reduce cash transactions and improve transaction monitoring.\n\nSixth Anti-Money Laundering Directive (AMLD6) – Proactive Planning and Implementation\n\n6AMLD implementation experiences from European financial services businesses\nLessons Learned from the five previous Anti-Money Laundering Directive (AMLD)\n\nThe US Anti-Money Laundering Act (AMLA) of 2020\n\nModernization and Reforms of AML/CFT Laws and Regulations\nMajor Changes to the AML/CFT Landscape\nEnhanced AML Whistleblower Program\nIncreased Penalties for AML Violations\n\nWho can attend?\n\nBank CEOs and managing Directors\nCompliance Managers\nAML operations and compliance team\nCustomer due diligence\nTransaction monitoring and system tuning\nAML audits\n\nForum Techniques:\nThe forum employs a mix of theoretical fundamental explanations and case studies\, with special focus on exchanging knowledge and experiences. \n\n\n\n\n\n\nDownlaod Brochure\n\n\n\nDownload Agenda\n\n\n\nDownload Registration Form\n\n\n\n\n\nDownload Presentations\n\n\n\n\n[rtec-registration-form event=4310] \n\n\n\n  \n\n\n                    \n                        \n                        \n                            \n                \n                    \n\n        \n        Location: Sheraton Cairo Hotel – Egypt    \n\n        \n                    \n                    \n\n        \n        Date: November 25 -26\, 2026    \n\n        \n                    \n                    \n\n        \n        Time: 9:00 AM till 3:00 PM    \n\n        \n                    \n                \n                        \n        \n                        \n                        \n                        \n                    \n\n        \n        \n\n\nOverview \n\n\nThe Committee of Sponsoring Organizations (COSO) is a joint initiative of five private sector organizations dedicated to providing thought leadership through the development of frameworks and guidance on enterprise risk management\, internal control\, and fraud deterrence. \nInternal audit is being asked to\nsee further\, respond faster and speak with greater authority. Assurance remains fundamental.\nBut in a banking environment increasingly shaped by artificial intelligence\,\ndigital dependencies\, sophisticated fraud\, cyber risk\, regulatory expectations\nand external volatility\, assurance alone is no longer enough. Boards and senior\nmanagement increasingly need internal audit to identify where vulnerabilities\nare developing\, assess whether resilience is real or assumed\, and provide an\nindependent perspective on risks whose speed and complexity are challenging\ntraditional approaches to oversight. This places the Chief Audit\nExecutive at the centre of a significant shift. The question is no longer\nsimply whether internal audit is fulfilling its mandate. It is whether that\nmandate\, its capabilities and its relationship with the boardroom are keeping\npace with the environment in which financial institutions now operate. Against this backdrop\, The\nInternal Audit Forum 2026\, held under the theme “Beyond Assurance: The Next\nAudit Agenda for AI\, Digital Risk\, Resilience and the Future of the CAE\,” will\nbring together senior leaders and professionals from internal audit\, risk\,\ngovernance\, technology and regulatory functions to examine the priorities that\nare reshaping the audit agenda across banks and financial institutions. Over two days\, the Forum will\naddress some of the most consequential questions facing the profession. What\nshould boards expect from their CAEs today? Is internal audit providing\nsufficient foresight? How should audit approach AI when it is simultaneously\ntransforming the bank and the audit function itself? Where does operational\nresilience become most vulnerable across cyber\, cloud and third-party\necosystems? How should institutions respond to deepfakes\, digital fraud\,\ninsider threats and AI-enabled attacks? And as digital identity and eKYC\ncontinue to reshape banking\, how must assurance evolve with them? The agenda extends beyond technology.\nIt will examine governance and ethics\, remuneration risk\, financial resilience\nin volatile conditions\, environmental and social risk within the credit\nlifecycle\, external dependencies beyond traditional outsourcing\, and the impact\nof wider risk developments on the audit universe. It will also look ahead to\nthe decisions CAEs must make as they prepare their 2027 audit plans and build\nthe teams\, skills and judgement that the audit function of 2030 will demand. The Forum is designed not merely\nto examine individual risks\, but to connect them. AI\, cyber risk\, governance\,\nresilience\, third parties\, regulation and talent increasingly intersect\,\nrequiring audit leaders to look beyond traditional boundaries and assess the\ninstitution as a whole. For CAEs and the professionals\nworking alongside them\, the strategic challenge is clear: to preserve the\nindependence and rigour that define internal audit while ensuring that the\nfunction remains relevant to the risks\, technologies and decisions shaping the\nfuture of banking. \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n The Internal Audit Forum 2026\nprovides the senior-level platform for that conversation. Topics of Discussion: 1. The CAE in the Boardroom \n\n·        \nThe CAE Agenda 2026: What\nShould Boards Expect from Internal Audit Now? \n\n·        \nThe Audit Committee–CAE\nCompact: Is Internal Audit Providing Enough Foresight? \n\n2. AI & the New Audit\nFrontier \n\n·        \nAI in the Bank\, AI in\nAudit: Governing Both Sides of the Equation \n\n3. Trust\, Ethics &\nRegulatory Governance \n\n·        \nGovernance\, Ethics &\nRegulatory Alignment \n\n4. Digital Identity & the Future\nof KYC \n\n·        \nKYC\, eKYC and Digital\nIdentity: Auditing Egypt’s Next Digital Banking Frontier \n\n5. Digital Resilience Under\nPressure \n\n·        \nCyber\, Cloud and Third\nParties: Where Does Operational Resilience Really Break? \n\n·        \nFraud: Deepfakes\, Digital\nFraud\, Insider Threat and AI-Enabled Attacks \n\n·        \nCAE + CIO + CISO: Who\nReally Owns Digital Assurance? \n\n6. When Compensation Becomes\nRisk \n\n·        \nWhen Pay Becomes a Risk\nIssue: What Internal Audit Should Test in Remuneration Governance \n\n7. Auditing Resilience in\nVolatile Times \n\n·        \nAuditing Financial\nResilience in a Volatile Environment \n\n8. The Profession in Focus \n\n·        \nIIA Egypt Updates Session \n\n9. Sustainability Through the\nCredit Lens \n\n·        \nAuditing Environmental\n& Social Risk in the Credit Lifecycle \n\n10. 2027 CAE Playbook \n\n·        \nGlobal Internal Audit\nStandards – One Year On: What Has Actually Changed? \n\n·        \nGeopolitics Meets Banking\nRisk: What Changes in the Audit Universe? \n\n·        \nFive Decisions Every CAE\nShould Take into the 2027 Audit Plan \n\n11. Beyond the Bank’s Four\nWalls \n\n·        \nBeyond Outsourcing: How\nInternal Audit Should Assure the Bank’s External Dependency Ecosystem \n\n12. Building the Audit\nFunction of 2030 \n\n·        \nBuilding the Audit Team\nBanks Will Need by 2030     \n\n        \n                        \n        \n                        \n                        \n                        \n                    \n\n        \n                        \n                                                Download Brochure                                        \n                \n            \n\n        \n                    \n                    \n\n        \n                                                Download Agenda                                        \n            \n\n        \n                    \n                    \n\n        \n                        \n                                                Download Reg. Form
URL:https://wuab.org/event/seventh-annual-arab-cypriot-foruminvestigating-the-global-decline-in-correspondent-banking-relationships-complying-with-amld6-and-amla-2020/
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